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The USD/JPY pair rallied during the day on Tuesday, breaking towards the 111 handle. I think that the market is going to try to reach the 112 level again but there is a lot of noise above. Japanese yen positions have softened recently, as we are starting to see bullish pressure in all the young related pairs. However, we still have quite a bit of resistance above, so I’m not ready to put serious money to work. I believe that short-term pullbacks could be buying opportunities but quite frankly shorting against the yen with currencies other than the US dollar might be the best way to go.

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